Lease purchase programs are unethical from day one the moment they hand you a fuel card they become your banker. If they process your lease payment or maintenance fund they become your banker. So if you ever need working capital banks will look at you like you are stupid. Not 'convenient'.
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Without revolving 15k to 30k repair fund forget about it
Discussion in 'Lease Purchase Trucking Forum' started by peekaboonotyou, Aug 2, 2019.
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Buy your own plates, use a rental truck, and guess who fixes the rental truck? The guy that does not have 2 years worth of business bank statements to get operating capital? Good question, if you don't know don't go.
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And yet there are successful truckers been around for years and years, wonder what the difference is?
I had a great uncle drove old cabovers all his life, never got rich, but always had plenty to eat, paid for a few houses and a few hundred acres of land.
He finally retired and went right out and bought a brand new pete ex hood, just to park in the yard. lol
He had never owned a new big truck his whole life. -
Dude posted a helpful pile of info out of concern for those who havent been down that road. Your vicious accusational response to a helpful person says more about your bitterness than his. -
In my opinion the lesson is one of managing risk. If you cannot diagnose and repair diesel engines and ecm's, and also cannot afford the potential expenses of paying others to do so, trucking has more potential risk than reward for you. Statistically, excess risk avoidance is more important than potential reward in the long term of business ownership. Yes, the full risk slam dunk elon musk stories get the glory.. But there are ten unsung Global Crossings for every elon musk.
I have been a mechanic and an avionics tech, and i own the tools. I own one old fully mechanical truck. Doing all my own labor, the first year still cost $17k in parts. Imagine if i had to pay for incorrect troubleshooting. That figure doesnt have a single incorrect diagnosis or labor charge. Thats just the parts and some discounted machine shop work.
Trucking is medium reward for extremely high risk. If you have nothing to offset the risk side back into balance with the reward side [money, a mechanic brother in law, your own skills and tools, an aunt who does trucking taxes or a friend with dedicated good freight etc] dont go into it. You need some sort of advantage to have a 50/50 shot. -
Just avoid that DEF overpressurization scam and you'll be fine
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